ZB Financial Holdings Transforms Banking Experience in Zimbabwe With Finastra

Finastra, a global leader in financial services software, announced that ZB Financial Holdings (ZBFH), one of Zimbabwe’s most diversified financial services groups, has implemented Finastra Essence on cloud and a comprehensive suite of digital services. By upgrading its core banking infrastructure with the next-generation solution, ZBFH has consolidated its operations while increasing automation, system availability, speed to market, and resource availability to drive innovation. Finastra’s digital suite, supporting teller operations and seamless access to new channels, provides ZBFH’s customers with superior online and mobile banking experience.

Essence also enables ZBFH to contribute to Zimbabwe’s financial inclusion agenda and innovation-driven economy. With modular architecture and an API-driven ecosystem, ZBFH can offer fintechs a foundation to quickly develop and deploy applications like digital wallets and lending platforms. By simplifying core banking integration and providing analytics and customer engagement tools, fintechs can create tailored offerings for various demographics. The solution also ensures compliance with local frameworks such as The Banking Act, as well as payment standards and systems like ISO 20022, SADC-RTGS and PAPSS.

“Zimbabwe has a fast-evolving digital and environmentally conscious population, and regulatory landscape,” said Dr Shepherd Fungura, the Group Chief Executive Officer at ZBFH. “To keep pace with the demands of modern banking, we needed an innovative, scalable and secure core banking solution that enhances operational efficiency and omnichannel banking, while supporting our growth. Finastra has been a customer-centric, reliable, and trusted partner for more than 20 years. Its robust solution ensures we can deliver frictionless, digitally driven experiences that set us apart. Importantly, we can build even stronger relationships with our customers today, while remaining future-proofed.”

Finastra Essence is a cloud-first, next-generation core banking solution that combines rich, broad and deep functionality with advanced technology to increase agility, reduce costs, and improve operational efficiency. Powered by open, microservices architecture and APIs, it enables institutions to rapidly deploy market-leading products and services. In a recent eight-month period, 11 institutions successfully went live with Essence. Finastra’s digital services suite includes streamlined onboarding, online applications, integrated digital channels, a user-friendly digital wallet, and a payment gateway. A disaster recovery framework was also implemented for swift failover and business continuity in the event of disruption.

“We’re witnessing a rapidly shifting global financial landscape marked by rising customer expectations, tightening regulation, and an accelerated pace of innovation, and this is evident in Zimbabwe,” said Siobhan Byron, EVP, Universal Banking at Finastra. “Finastra is enabling ZBFH to meet these demands with our highly flexible and robust core banking platform that is built for exponential growth. Through integrated workflows, real-time data access, and centralized processing, the institution has accelerated internal productivity while reimagining banking for its customers. This collaboration has been more than just a technological upgrade. It’s part of a bold modernization journey at ZBFH – one that we are proud to have empowered.”